Christopher Darden March 17, 2013 BUS 515 Dr. McChesney
1. Determine which statistics you will employ to measure the quality characteristics of your business and how often you will conduct statistical analysis.
For the success of my future business I would ensure that aspects such as competitive advantage, focus of mission statement and profitability. Characteristics of a business are what allow it to set itself aside from its competitors. Today’s companies have become successful in ways that have paved a path. New companies that are coming on board should study the ways of these longtime successful entities. Learning the history of businesses that have been around for a while helps new businesses know which direction to take. When proper steps are taken, it can lead to a successful and long term entity.
A competitive advantage is the superiority gained by an organization when it can provide the same value as its competitors but at a lower price, or can charge higher prices by providing greater value through differentiation (http://www.businessdictionary.com/definition/competitive-advantage.html#ixzz2NqTQqPdS). My business will consist of a line of beauty products that will be offered to men and women. My company has products for all skin types such as oily skin, dry skin, combination skin, sensitive skin and normal skin. We have items for everyday use that will ensure a change in the way our consumers feel about their skin. All of our products have been tested on humans, just like our customers. We are firm believers in making sure all of our labels read these words. Our products have come from a combination of plants and other natural sources that have been sought out by our Research and Development team. After doing numerous amounts of testing, we found that the best results came from using natural resources.
The price of our products took some time to develop due to doing research on our competitors. As we are a new company, we did not want to set our standards too high and have our products fail. We decided to introduce our line of products at a rate that is similar to our competitors. If we see a high demand for our product, we will increase the price within a reasonable amount of time. We also considered whether or not our future consumers will pay what we will charge for our product. We believe in building a reputation for our product before we introduce it to the world.
Our mission statement will state that we focus on our customers first. Our customers are the reason that we are a successful business and we want them to understand that without them, we would not exist. Companies sometimes take their customers for granted and believe that they will not venture off. Showing appreciation for those that support your business will go a long way. The statistical analysis will help each department understand the function that each individual contributes to the business. We will looks at this analysis on a monthly basis to ensure productivity.
Profits are what allow a business to operate and the more inflow grants the opportunity for expansion. Our marketing plan will consist of acknowledging the service of our customers and how important they are to us. Smart business leaders know that happy customers are loyal customers. By developing an advantage to gain and retain more consumers, will work well in our favor. Our customers will understand their role in our lives and our communication with them sets us aside from our competitors.
2. Analyze the key concepts related to capacity planning and facility location for your business.
Capacity planning is the process of establishing the output rate that can be achieved by a facility (Reid, Sanders, 316). Our business would need to be relatively close to the factory. With a strong possibility of expanding, traveling to different places (marketing), and high sales, we must make